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Piper Sandler Remains Optimistic About Broadcom, Thanks To Apple

·1 min read
  • Piper Sandler analyst Harsh Kumar believes Broadcom Inc (NASDAQ: AVGO) is in a "great position to beat and raise" when it reports earnings later this week.

  • He's "optimistic about the print and guide for several reasons."

  • Kumar thinks the company's networking business has re-accelerated given the ramp in hyper-cloud and data center capex.

  • Kumar also sees Apple Inc's (NASDAQ: AAPL) better than the seasonal December quarter as a tailwind for Broadcom's wireless business.

  • Given the market weakness, Kumar also expects Broadcom to be active on its recently announced $10 billion buyback plan.

  • He reiterated an Overweight rating on the shares with a $750 price target (31% upside).

  • Price Action: AVGO shares closed lower by 2.95% at $570.12 on Tuesday.

Latest Ratings for AVGO

Jan 2022

Barclays

Maintains

Overweight

Dec 2021

Citigroup

Maintains

Buy

Dec 2021

Barclays

Maintains

Overweight

View More Analyst Ratings for AVGO

View the Latest Analyst Ratings

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